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EDMONTON – Housing starts fell again in the Edmonton region for February with no growth in activity foreseen until at least the summer, the Canada Mortgage and Housing Corporation said Monday.2 m4 [" L6 \0 m" T. g) X
+ E8 l1 T: ~$ J. P \; P& p5 ZMultiple-unit starts led the decline with a near-86-per-cent drop from February of last year, according to preliminary CMHC figures. Multi-unit starts across the Capital Region totalled 64 units last month compared to 449 started in the same month a year ago.
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6 ]7 r! V" t9 R$ u2 r/ x6 g“Developer unease over rising condo apartment inventories will cause multi-unit starts to be lower this year than last,” said Richard Goatcher, CMHC senior market analyst for Edmonton.0 n9 g; F$ p$ j' _8 l
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In the single-detached market, shovels went into the ground for 149 homes in February — a 39 per cent drop from the 243 units started a year ago.( M. |2 s# s% B% w# Q1 o6 M
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CMHC predicts single starts to remain slow throughout much of 2009. Building activity won’t pick up over the previous year’s pace until after mid-2009 — provided new house inventories head lower. Goatcher said it will likely take until 2010 for notable year-over-year increases in single starts.$ V% b/ X+ w- N6 Y0 K/ }
' i" O# s8 \1 b% p+ k6 K7 z/ ?9 }Total housing starts in Alberta’s seven largest centres totalled 574 units in February, down from 1,867 a year ago, according to CMHC. Grande Prairie was the only city reporting a year-over-year increase in starts. |
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